S&P rates Korea Housing Finance AAA

S&P said it assigned a preliminary AAA rating to the covered bonds to be issued by Korea Housing Finance Corp.

The outlook is stable.

This is the first of Korea Housing's covered bonds that were rated, S&P said.

The transaction is a euro-denominated fixed-rate five-year maturity bond with a hard bullet principal repayment profile, S&P explained.

In accordance with the agency's covered bonds criteria, S&P said it determined the reference rating level of the issuer and attributed notches of uplift from this level through determination of jurisdictional support and collateral-based support.

The ratings also reflect the company's role as a government-related entity, the agency said.

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